Plasma Network Goes Live With Major Backing
Plasma, a Layer 1 blockchain specifically designed for stablecoin operations, officially launched its mainnet beta today alongside its native XPL token. The network enters the market with substantial backing from major industry players including Bitfinex, Bybit, and Tether CEO Paolo Ardoino, along with American billionaire Peter Thiel.
At launch, the network deployed billions in stablecoin liquidity across several prominent DeFi protocols. Partners include Aave, Ethena, Fluid, and Euler, creating immediate utility for the new blockchain. The timing appears strategic, coming as stablecoin adoption continues to grow globally.
XPL Token Performance and Distribution
The XPL token launched with a total supply of 10 billion tokens, with approximately 1.8 billion tokens circulating at launch according to CoinGecko data. Trading began around $1 per token, giving the project a market capitalization of about $1.9 billion and a fully diluted valuation approaching $10.5 billion.
Early investors who participated in the public sale earlier this year, where tokens were priced at $0.05, have seen roughly 20x returns on their initial investments. The token is currently trading on decentralized exchanges like Uniswap and PancakeSwap, with major centralized exchanges including Binance and OKX expected to list XPL for spot trading soon.
Tokenomics reveal that 10% of the supply was allocated to the public sale, which reportedly saw over $300 million in oversubscription. Another 40% is reserved for ecosystem growth, with 8% unlocked at launch. Team and investor allocations totaling 50% are subject to multi-year vesting schedules.
Regulatory Considerations and Market Sentiment
There’s an interesting wrinkle in the circulating supply calculation. While 1.8 billion tokens are technically available at launch, some of these belong to U.S. participants who won’t actually receive their tokens until July 2026 due to regulatory requirements. This means the actual freely tradable supply might be lower than initial figures suggest.
Market analysts have noted that Plasma’s valuation appears ambitious given the network has no live adoption yet. However, some perspective suggests the market might be viewing Plasma as an indirect way to gain exposure to Tether’s growing dominance in the stablecoin space.
Initial Product Offerings
The network launches with several ready-to-use products already in place. Swarm, a DeFi platform operating on Plasma, is introducing nine tokenized equities issued under EU Prospectus Regulation, providing holders with legal rights to the underlying securities.
Plasma itself is debuting Plasma One, described as a “stablecoin-native neobank.” The initial rollout will focus on regions with significant capital movement and existing stablecoin penetration, particularly the Middle East. This targeted approach might help the network gain traction more quickly in markets already familiar with digital dollar alternatives.
The launch represents a significant milestone for stablecoin-focused blockchain infrastructure, though the true test will come as adoption metrics develop over the coming months. With major exchange listings pending and substantial institutional backing, Plasma enters a crowded but rapidly evolving market space.
